Elliott wave analysis of EUR/NZD for February 24, 2014
February 24, 2014 8:30 am
Today’s Support and Resistance levels:
R3: 1.6725
R2: 1.6673
R1: 1.6624
Current spot: 1.6588
S1: 1.6558
S2: 1.6496
S2: 1.6445
Technical summary:
The wave 2 correction we are looking for is still unfolding. In the short term we expect minor resistance at 1.6624 to protect the upside for one more impulsive decline in wave c lower towards the ideal target at 1.6445. Once this wave 2 correction is over, we expect a new powerful wave 3 higher towards at least 1.7141 and possibly even higher towards 1.7561.
Trading recommendation:
We are neutral, but we will buy EUR at 1.6455 with a stop at 1.6250.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6725
R2: 1.6673
R1: 1.6624
Current spot: 1.6588
S1: 1.6558
S2: 1.6496
S2: 1.6445
Technical summary:
The wave 2 correction we are looking for is still unfolding. In the short term we expect minor resistance at 1.6624 to protect the upside for one more impulsive decline in wave c lower towards the ideal target at 1.6445. Once this wave 2 correction is over, we expect a new powerful wave 3 higher towards at least 1.7141 and possibly even higher towards 1.7561.
Trading recommendation:
We are neutral, but we will buy EUR at 1.6455 with a stop at 1.6250.
The material has been provided by InstaForex Company – www.instaforex.com
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